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Sequentially Rationalizable Choice

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Author(s)

Paola Manzini, Marco Mariotti

School/Research organisations

Abstract

A sequentially rationalizable choice function is a choice function that can be retrieved by applying sequentially to each choice problem the same fixed set of asymmetric binary relations (rationales) to remove inferior alternatives. These concepts translate into economic language some human choice heuristics studied in psychology and explain cyclical patterns of choice observed in experiments. We study some properties of sequential rationalizability and provide a full characterization of choice functions rationalizable by two and three rationales.

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Original languageEnglish
Pages (from-to)1824-1839
Number of pages16
JournalAmerican Economic Review
Volume97
Publication statusPublished - Dec 2007

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